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Fifties 'marks most expensive period'
February 20, 2012
An expert has advised people not to forget the importance of life cover as they approach midlife.
People in their 50s are often in the most expensive period of their lives, a study suggests.
Benenden Healthcare found that the average 50-something is trying to support teenage children, meet large mortgage repayments and pay for holidays with children who are now classed as adults.
According to the health cash plan provider's study of 2,000 Brits, people in their 50s typically need £1,560 a month to meet these costs.
Marc Bell, the company's marketing & business strategy director, said: "Reaching 50 is traditionally supposed to be the start of a new lease on life as kids grow older and couples find more time to themselves.
"The stark reality will prove an eye-opener as 50-somethings realise the truth is not so rose-tinted."
Mr Bell urged people not to forget their personal health and wellbeing in the midst of these additional expenses, as maintaining good health is vital for ensuring families' future security.
"Whilst being in your 50s can be the most expensive time of life, not having safeguards such as life cover could end up leaving loved ones to pick up the pieces and to try and deal with huge financial burdens," he observed.
Life cover provides a lump sum in the event that the policyholder passes away unexpectedly, ensuring their loved ones enjoy a degree of financial security.
General life insurance
